February 23rd, 2017

Business

CIBC will remain patience in acquisition of PrivateBancorp, CEO Victor Dodig says

By Alexandra Posadzki, The Canadian Press on February 23rd, 2017

TORONTO – CIBC will remain disciplined and patient on its efforts to buy a Chicago-based lender, CIBC’s CEO said Thursday after Canada’s fifth largest bank reported stronger than expected results. “Our U.S. strategy continues to remain intact and that is to grow our footprint in the U.S. to be able to better serve our clients, ... Read More »

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US average 30-year mortgage rate edges up to 4.16 per cent

By The Associated Press on February 23rd, 2017

WASHINGTON – Long-term U.S. mortgage rates rose slightly this week, continuing a holding pattern that has prevailed this month. Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate loans edged up to 4.16 per cent from 4.15 per cent last week. The benchmark rate stood at 3.62 per cent a year ago and averaged ... Read More »

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Lessons the tooth fairy can’t teach: Allowances can help kids learn financial savvy

By Aleksandra Sagan, The Canadian Press on February 23rd, 2017

TORONTO – Robin Taub paid her two kids a weekly sum when they were younger in an effort to help teach them basic money skills. Now, they’re living away from home at university, managing a budget, and friends tease them for being money-smart kids, she says – a riff on the title of her book, ... Read More »

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Baloney Meter: Will free trade with the EU benefit everyone in Canada?

By Jordan Press, The Canadian Press on February 23rd, 2017

OTTAWA – “At its heart, CETA is a framework for trade that works for everyone.” – Prime Minister Justin Trudeau. —— Sometimes, politicians can say just enough to let the words mean anything to anyone. Last week, Prime Minister Justin Trudeau was extolling the virtues of free trade with the European Union, known best by ... Read More »

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Gildan Activewear Q4 profit up to $74.5 million, revenue also rises

By The Canadian Press on February 23rd, 2017

MONTREAL – Gildan Activewear Inc. (TSX:GIL) says it had US$74.3 million of profit in its fourth quarter, up from US$67.6 million in the same period last year. The profit amounted to 32 cents per share. Adjusted earnings were also 32 cents per share, up from 28 cents per share in both cases. The Montreal-based clothing ... Read More »

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German federal police say British hacker arrested in London

By The Associated Press on February 23rd, 2017

BERLIN – A 29-year-old Briton was taken into custody in London on a European arrest warrant issued by Germany on suspicion of a carrying out a cyberattack on Deutsche Telekom, federal police said Thursday. Germany’s Federal Criminal Police Office, or BKA, said the man, whose name wasn’t released, is suspected of conducting a cyberattack on ... Read More »

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Lawmakers renew push for drilling in Alaska wildlife refuge

By Dan Joling, The Associated Press on February 23rd, 2017

ANCHORAGE, Alaska – Former U.S. Sen. Frank Murkowski in 2001 gave a speech urging colleagues to approve oil drilling in America’s largest wildlife refuge. The Alaska Republican held up a blank sheet of paper to illustrate his point. The field of white, he said, was all you could see each winter on the coastal plain ... Read More »

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Claims for US jobless benefits tick up, level still healthy

By Paul Wiseman, The Associated Press on February 23rd, 2017

WASHINGTON – More Americans applied for unemployment benefits last week, but claims remained at a low level consistent with a healthy job market The Labor Department says 244,000 Americans applied for jobless aid last week, up by 6,000 from the previous week. The four-week average, a less volatile measure, fell by 4,000 to 241,000, lowest ... Read More »

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Loblaw Q4 profit up 57 per cent to $201M, revenue up 2.4 per cent to $11.13B

By The Canadian Press on February 23rd, 2017

BRAMPTON, Ont. – Canada’s largest grocery business, Loblaw Companies Ltd., is reporting a 57 per cent jump in fourth-quarter profit. The company, based in Brampton, Ont., says the increase in its net income for common shareholders was partly due to operational improvements and partly due to special items in both years. Revenue for the quarter ... Read More »

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Global stocks steady as Fed minutes fail to sway investors

By The Associated Press on February 23rd, 2017

LONDON – Global stock markets were trading in narrow ranges Thursday after the minutes to the last policymaking meeting of the Federal Reserve failed to provide much of a steer as to the timing of the U.S. central bank’s next interest rate increase. KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares ... Read More »

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